ProShares VIX Short-Term Futures seeks to provide investment results (before fees and expenses) that match the performance of the S&P 500 VIX Short-Term Futures Index.
The CBOE Volatility Index® (VIX) is a widely followed measure of the expected volatility of the S&P 500. Since the VIX is not directly investable, S&P 500 volatility exposure is often achieved through VIX futures. Each of the VIX futures indexes measures the movements of a combination of VIX futures and is designed to track changes in the expectation for VIX over a specific time window in the future. As a result, the S&P 500 VIX Short-Term Futures Index and VIXY can be expected to perform differently than the VIX.
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